Buyer wanted for newly completed, 356-unit apartment complex in Woodbridge – Real Estate NJ

The Grande at Metropark at 3 Ronson Road in Iselin — Courtesy: JLL

By Joshua Burd

A new two-building, 356-unit high-end apartment property in Woodbridge is on the market for sale, in a newly announced offering by JLL’s New Jersey capital markets team.

Known as The Grande at Metropark, the development at 3 Ronson Road sits at the junction of Route 1 and the Garden State Parkway in the township’s Iselin section. It’s also minutes from NJ Transit’s Metropark station, providing renters with a commute to New York City and Philadelphia in less than 45 minutes, while it’s part of a major employment hub that is home to the likes of Ernst & Young, Wells Fargo, Paramount and Johnson & Johnson, among others.

JLL’s Jose Cruz, Michael Oliver, Steve Simonelli and Elizabeth DeVesty are marketing the property, with Peter Kim providing analytics support and Matthew Pizzolato and Thomas E. Didio Jr. available for debt advisory.

“The Grande at Metropark is a luxury residential community designed with a contemporary style and grandeur façade accompanied by spacious units with sleek interior designs and modern finishes,” JLL wrote in its offering materials. “The property offers a diverse mix of expansive studio, one-, and two- bedroom apartments averaging 982 square feet.”

Brokers noted that the property, which has a 30-year payment-in-lieu-of-taxes agreement in place, includes a 232-unit first phase that was delivered in 2018 and a 124-unit second phase that was delivered during the second quarter of this year and is now in lease-up. Ownership is also developing plans to convert the property’s ground-floor retail space in the second phase into two residential units, while an office space in the third building is being repurposed into a studio unit.

Along with its upscale apartments, The Grande has more than 52,000 square feet of indoor and outdoor amenity space such as fitness centers in all four buildings, an outdoor salt water swimming pool, a music and karaoke room and co-working spaces and conference rooms throughout. Renters, meantime, are minutes from two major malls and a long list of retail and restaurant options.